Advent/Claymore Convertible fund IPO shares begin trading on NYSE

By Angela McDaniels

Seattle, May 25 - The Advent/Claymore Global Convertible Securities & Income Fund closed its $575 million initial public offering and its shares began trading Friday on the New York Stock Exchange under the symbol "AGC," according to a news release.

The fund offered 28.75 million common shares at $20 each via a syndicate co-led by Merrill Lynch, Pierce, Fenner & Smith Inc. and Citigroup Global Markets Inc.

There is a 4.3125 million share greenshoe.

The new closed-end fund said it will invest in a diversified portfolio of convertible and non-convertible income-producing securities of issuers based in the United States and abroad and will be advised by Claymore Advisors, LLC, a Lisle, Ill.-based financial services company.

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